With bright colors, interesting graphics, and intuitive navigation, the new look of Connecticut Innovations (CI) captures attention. The launch of CI's new brand identity, complete with an updated message platform and logo, hopes to better reflect the organization's mission and promote their resources to attract entrepreneurs. The new website highlights services offered by the three entities under CI's umbrella, including the merger with the Connecticut Development Authority in 2012 and the Small Business Innovation Group in 2009.
A growing number of states and localities, stymied by conventional budgetary processes, are seeking financial support for economic development initiatives through alternative means, according to a new report from the Brookings Institution. Many regions are instead turning to legislative referendums and citizen-driven ballot initiatives to support large-scale economic initiatives. Authors Jessica A. Lee, Mark Muro and Bruce Katz offer several recent examples of state innovation, education and infrastructure projects funded through ballot measures.
North Carolina is rich in resources to support a thriving innovation ecosystem. But despite its strengths, several factors are preventing the state from reaching its full potential to fuel and sustain strong economic growth. These and other findings are outlined in a recent report tracking the state's performance in 38 measures related to innovation assets, activities and trends. The fourth in a series of indexes produced over the past 13 years, the report benchmarks North Carolina with six key comparison states, the U.S. overall and leading countries.
New York City Deputy Mayor Robert Steel announced that it will establish a new $100 million venture fund for life sciences research according to Crain's New York. The city will invest an initial $10 million to establish the new biotech venture fund. The city already has an additional $40 million pledged from private-sector partners — Celgene, GE Ventures and Eli Lilly & Co. The city currently is seeking to partner with a venture-capital firm to manage the fund and invest at least $50 million to the fund.
The president’s FY15 budget request would provide $23.7 billion (12 percent decrease) in discretionary funding for the Department of Agriculture (USDA). The proposed budget would launch three new multidisciplinary agricultural research institutes dedicated to crop science, advanced biobased manufacturing, and anti-microbial resistance research, and double funding for rural broadband access. Through the president’s Opportunity, Growth, and Security Initiative, additional funding would be provided for natural resource conservation programs and the construction of a new national biosafety research laboratory.
The administration’s FY15 budget request for the Department of Health and Human Services (HHS) is $77.1 billion in discretionary spending, reflecting a 1.6 percent decrease from FY14 enacted funding levels. Discretionary spending accounts for only 7.5 percent of the total proposed HHS budget. Mandatory spending for programs like Medicare, Medicaid and the Children’s Health Insurance Program account for the balance. Total FY14 budget authority for HHS would be $1 trillion (6 percent increase over FY14 enacted).
While bragging may not be polite, it can be quite helpful to others. That is, sharing your success with organizations working to achieve similar outcomes can inspire new ideas and provide valuable lessons for replicability. SSTI's open call for applications for the 2014 Excellence in TBED awards begins April 16.
Maine businesses may now raise up to $1 million in capital by selling small amounts of equity to individual investors as a result of legislation that recently became law without the signature of Gov. Paul LePage. Using a model similar to crowdfunding websites such as Kickstarter, participating businesses will be able to register with the Maine Office of Securities, setting both a fundraising goal and deadline. Individual investors will be able to purchase up to $5,000 in equity from a single business.
The National Institute for Standards and Technology (NIST) Manufacturing Extension Partnership (MEP) program recently awarded $2.5 million for five pilot projects to improve small U.S. manufacturers' supply chain competitiveness and foster their readiness to adopt advanced technologies. The projects will be led by MEP centers and bring together teams of experts in specific technology areas. MEP centers in California, Georgia, Oregon, Texas and Wisconsin each will receive approximately $500,000 for the pilot efforts, which, in most cases, involve partners in other states.
Between FY2007-12, research and development (R&D) spending at U.S. universities grew 27.5 percent, from about $51.6 billion to $65.8 billion, according to the latest edition of the National Science Foundation’s (NSF) Higher Education Research and Development (HERD) survey. The survey provides a look at R&D spending at U.S. universities, with data broken down by state, institution, research area and funding sources.
Increased scrutiny for public investments has grown in recent years amid tight budget conditions. Returns on innovation-focused efforts often take time, and as a result TBED groups are always looking to improve metrics and reporting to meet greater demand for transparency. In Utah, lawmakers recently passed a bill providing more oversight for the state’s signature innovation-capacity building program following a critical audit last year. At the same time, lawmakers continued to embrace the concept of the agency they established eight years prior, and appropriated level funds to continue USTAR’s efforts in research and commercialization. The legislature also passed a bill dedicating $20 million to the STEM Action Center created last session.
Florida Gov. Rick Scott recently provided details on his $80 million plan to bolster cancer research and treatment in the state. Of that amount, $60 million would be aimed at building a statewide network of federally designated National Cancer Institute centers, while the remaining $20 million would support peer-reviewed research grants. Currently, Florida only has one National Cancer Institute center, the Moffitt Cancer Center in Tampa. Gov. Scott’s effort would help centers in Orlando, Miami and possibly other parts of the state, upgrade their programs to pursue the designation.
Investments and policy to support innovation-focused agendas have flourished with the close of the 2014 legislative sessions in several states. Crowdfunding legislation, incentives for attracting talent, higher education affordability, punishing patent trolls, and encouraging greater accountability are some of the areas where lawmakers focused their efforts.
External validation through an Excellence in TBED award certifies the superior quality of your initiative, lending independent credentials to your program as stakeholders and funders consider future investments. SSTI’s open call for applications for the 2014 awards program is April 16. Share with us the important work you are doing to support regional economies through efforts to: expand and commercialize research, increase access to capital, build entrepreneurial capacity, and improve the competitiveness of existing industries. We’ll also recognize a newer initiative for a creative approach in design or implementation.
After the last American Recovery and Reinvestment Act (ARRA) obligations ran out in FY10, federal obligations for science and engineering at U.S. universities and colleges fell by 11 percent, according to the National Science Foundation (NSF). Between FY2010-11, federal agency obligations fell by $31.4 billion in current dollars, though excluding ARRA funds, obligations actually rose by $1.2 billion. R&D obligations fell 10.6 percent, a decline that had its largest impact on funding for R&D-related equipment, facilities and land.
In his FY15 budget, President Obama proposed a sweeping, multi-agency push for new research and improved infrastructure to combat the effects of global climate change. Though the budget has not found much support in Congress, the administration has begun moving forward with other parts of the climate strategy, launching a Climate Data Initiative to make potentially valuable climate data available to entrepreneurs developing climate-related products. NASA and the National Oceanographic and Atmospheric Administration (NOAA) are launching an innovation challenge to encourage software and app developers to make use of the new open data resources.
In response to declining appropriations and the termination of the Space Shuttle program, NASA has had to re-orient its approach to commercial partnerships. Over the past decade, NASA has turned to private partnerships to further the agency’s goals of space research and exploration.
SSTI Excellence in TBED award winners produce real results that are changing the landscape of their communities, expanding infrastructure to grow high-tech sectors and improving the competitiveness of their regions. Their efforts haven’t gone unnoticed in the broader innovation community. Over the past couple of months, award winners have grabbed headlines – and funding – for their impressive work. U.S. Secretary of Commerce Penny Pritzker stopped by Clemson University’s Center for Automotive Research to tout its success in workforce development. In St. Louis, Monsanto recently awarded $2.5 million to BioSTL to support bioscience startups and, in Arizona, a $1 million grant will help fund ASU accelerator programs.
Help us spread the news about the program! SSTI’s open call for applications for the 2014 Excellence in TBED awards is April 16.
Many of the proposals put forth by Gov. Andrew Cuomo for growing New York’s innovation economy were fulfilled or received ongoing support in the enacted FY15 budget. This includes a final installment of $680 million to complete the Buffalo Billion initiative, new rounds of funding for the Regional Economic Development Councils, SUNY and CUNY challenge grants, and tax breaks for manufacturers. Lawmakers also approved funding for a new genomic medicine network and STEM scholarship program.
Groups in the greater Detroit and Pittsburgh regions recently released reports documenting the progress these metros have made over the past few years in building thriving technology economies. Detroit’s Automation Alley found that tech industry employment in the region grew by 15 percent in 2011, outpacing growth in all of the other 14 regions used as benchmarks in the study.
Together, New York and the Mid-Atlantic region were home to as much angel investment activity as California, according to the 2013 Year in Review edition of the HALO Report, published by Silicon Valley Bank and the Angel Resource Institute. Last year, California continued its reign as the top single region for angel activity, with 18.6 percent of U.S. deals and 19.6 percent of dollars. For the first time however, the combined activity of New York and the other Mid-Atlantic states reached levels similar to California, with 18.6 percent of deals and 19.7 percent of dollars.
A limited number of printed original copies of Innovation U 2.0 are available. The publication identifies the 12 best practice universities at generating economic impact from their intellectual capital. SSTI wants to share them with our community and will randomly select FIVE winners from our Facebook fans. Hurry! Winners will be announced on Facebook Friday, April 11. https://www.facebook.com/ssti.org
Maria Contreras-Sweet has been confirmed as the administrator of the Small Business Administration.
Larry Ferguson has been chosen as the vice chancellor for economic development and workforce solutions at Kentucky Community College and Technical System.
Pointing to the growth potential in jobs and health within the life sciences industry sector, Gov. Jay Inslee vetoed a $20 million cut in funding to the nine-year-old Life Sciences Discovery Fund (LSDF), allowing the fund to honor existing commitments and proceed with the 2013-14 Proof of Concept grant program and Entrepreneur Mentoring grant program. The state’s budget director David Schumacher said the sheer volume of letters from biotech companies in support of saving the fund carried weight in the governor’s decision, reports The Olympian.
Massachusetts’ continuing success in the biopharmaceutical sector depends on finding new ways to fund startup and early stage research activities, according to a new strategic plan released by the Massachusetts Biotechnology Council (MassBio). The report cites recent data showing that life sciences venture capital has fallen by 50 percent over the past five years and many investors have turned to later stage investments.